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100 companies fail to get crypto licenses in Singapore

by Desk
100 companies fail to get crypto licenses in Singapore

As of late, some 170 organizations have applied for authorisation to conduct “digital payment token services,” which includes crypto-related services. According to Nikkei Asia, over 100 organisations have been refused or had their applications withdrawn. Organizations operating in the country prior to the licensing system’s implementation were given exclusions while their applications were reviewed. 90 businesses were restricted in July, according to senior minister Tharman Shanmugaratnam.

On the MAS website, only DBS Vickers Securities, a DBS Group Holdings subsidiary, FOMO Pay, and Independent Reserve are listed as licensed entities. It announced in November that Singapore aims to become a global crypto powerhouse.

“The speed and cross-border character of transactions might be misused for money laundering, terrorist funding, or proliferation financing,” a MAS representative told the news site. “In Singapore, digital payment token service providers must comply with guidelines to reduce such risks, including client due diligence, periodic account checks, and monitoring and reporting unusual transactions,” the spokesman said.

“We are rapidly growing,” DBS’s head of capital markets and chairman of its crypto exchange stated in September. “Investors are growing interested in cryptocurrencies and digital assets.”

Binance’s Singaporean exchange closed due to an 18% investment in Hg Exchange (HGX), a regulated securities exchange in Singapore, according to CEO Changpeng Zhao (CZ). According to Bloomberg, Binance failed to meet the requirements for a crypto exchange license.

In September, the central bank ordered Binance to stop selling bitcoin to residents. Binance announced this week that its Singapore platform will close.